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Impinj Reports Second Quarter 2022 Financial Results
SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for
About this update from Impinj, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nImpinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today released its financial results for the second quarter ended June 30, 2022.\n\n“Our second-quarter results were strong, with revenue and profitability exceeding our guidance,” said Chris Diorio, Impinj co-founder and CEO. “I expect demand to remain strong through second-half 2022, as we continue investing in our team, operations and platform.”\n\nSecond Quarter 2022 Financial Summary\n\n\nRevenue of $59.8 million\n\n\nGAAP gross margin of 52.7%; non-GAAP gross margin of 54.7%\n\n\nGAAP net loss of $11.5 million, or loss of $(0.45) per diluted share using 25.4 million shares\n\n\nAdjusted EBITDA of $3.8 million\n\n\nNon-GAAP net income of $3.0 Million, or income of $0.11 per diluted share using 26.6 million shares\n\n\nA reconciliation between GAAP and non-GAAP information is contained in the tables below. Additionally, descriptions of these non-GAAP financial measures are provided in the “Non-GAAP Financial Measures” sections below.\n\nThird Quarter 2022 Financial Outlook\n\nImpinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the third quarter 2022 (in millions, except per share data):\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ending\n\n\n\n\n\n \n\n\n\n \n\n\n\nSeptember 30, 2022\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$63.5 to $65.5\n\n\n\n\n\nGAAP Net loss\n\n\n\n \n\n\n\n($7.5) to ($6.0)\n\n\n\n\n\nAdjusted EBITDA income\n\n\n\n \n\n\n\n$5.1 to $6.6\n\n\n\n\n\nGAAP Weighted-average shares — basic and diluted\n\n\n\n \n\n\n\n25.70 to 25.90\n\n\n\n\n\nGAAP Net loss per share — basic and diluted\n\n\n\n \n\n\n\n($0.29 ) to ($0.23)\n\n\n\n\n\nNon-GAAP Net income\n\n\n\n \n\n\n\n$4.0 to $5.5\n\n\n\n\n\nNon-GAAP Weighted-average shares — basic\n\n\n\n \n\n\n\n25.70 to 25.90\n\n\n\n\n\nNon-GAAP Weighted-average shares — diluted\n\n\n\n \n\n\n\n26.70 to 26.90\n\n\n\n\n\nNon-GAAP Net income per share — basic\n\n\n\n \n\n\n\n$0.16 to $0.21\n\n\n\n\n\nNon-GAAP Net income per share — diluted\n\n\n\n \n\n\n\n$0.15 to $0.20\n\n\n\n\nA reconciliation between GAAP and non-GAAP is provided in the \"Non-GAAP Financial Measures\" section b...